this is the highest it's been since the ousting of the former president, mohamed morsi. but despite all the violence, ross, just a quick note on the markets. because if you look at the past 30 days, we've seen a rally in excess of 13%. the market just soft at 0.7% in sunday trade, really taking the violence in stride. and that may come as a surprise because historically when events of violence like this occurred, the market would fall quite significantly. that hasn't happened. the rally is still holding strong. and some stocks, heavyweight stocks like private equity giants citadel capital gaining 5%. there's several explanations to that. it is perhaps general confidence in this interim technocr technocrat-filled movement to steer the country out of trouble. but whether they will be able to do that remains a key question. what is also visible is that the country or the administration is becoming increasingly unpatient. and that, of course, may have consequences for further escalation of violence. ross. >> all right, yusef, thanks for that. more from him later on in the sh

righters is now reporting right now that egypt's army has plans to push president mohamed morsi aside and suspend the constitution if he fails to strike a power-sharing deal with his opponents within the next 24 hours. so ty, this is reaching a critical point, as the ambassador suggested it would, when we talked to him earlier this hour. this is a story that we are going to follow very closely. it has put a bid to a certain extent in the treasury market, not a large bid, but we are seeing a little bit of a safety trade into treasuries today which has pushed the ten-year yield down to 2.48%. >> a sticky situation. >> yes, very much so. >> and a sticky position with respect to whether the army will follow through. we'll see what gold does in situations where there are heightened tensions in any economy around the world, and let's find out what gold has been doing. for that we go to sharon epperson at nymex. sharon? >> reporter: tyler, not much of a safe haven trade going on in the gold market in this session. we're seeing gold prices closing right now, down about $12 and right around 1,

president mohamed morsi that's nasdaq is positive by 10 points. [ male announcer ] it's time. time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. it's time. >>> let's check the markets right now, kind of a mixed performance. the dow is down 26 points on the day, just a fractional percentage loss for the s&p. down a little bit more than a point but the nasdaq is proving positive today by a quarter of a percent or just under ten points. part of that is because of the big gains in apple and facebook. there's the big winner on nasdaq with apple up 1.33% or six bucks on the trading session trading at 4.53. facebook up better than 4.33%, about 1.52 on the trading session. ty, those are one of the -- two of the factors that are moving the nasdaq higher. all the with big percentage gains. pitney-bowes better than 12%. >> goodyear, of course, those old school companies aren't in the

mohamed morsi has been given a wednesday deadline and military opponents are expected to suspend the constitution if no deal is reached. morsi said he'd continue to walk the path as outlined. statement, the egyptian market, interestingly enough, is actually strengthening as you can see there. it's up by nearly 5%. the egyptian pound as well gaining on the black market around 4ment 98 right now to the dollar. sorry, that's the wrong index. nbc news correspondent is on the ground there. good evening. and please bring us up to date with what you've heard. >> reporter: everything is headed to the crucial deadline a few hours from now and that's really what's giving everyone in egypt a sense of anxiety. you have two rival protest. on the one hand those in tahrir square and protests of president morsi calling for his ouster and feeling it works to their advantage and they are extremely happy about the hours as they tick down because they feel in coming horse president morsi will be forced to step down. otherwise the military will intervene and issue their road map to transition egypt to a

president mohamed morsy, so far still clinging to power as the military's ultimatum now is less than 24 hours away. millions of supporters and opponents staging mass demonstrations. we'll take you live to egypt and get the latest developments out of cairo. then reaction on the explosive situation in the world's most populous arab country, for billionaire saudi prince alwaleed, and we'll talk oil, gold, and get his take on some of the major u.s. investments he has, including news corp. and citigroup. and also, the lawsuit with "forbes," how it values his net worth, also on the table. but stocks may jump 24% over the next year. really? find out why after this. [ male announcer ] frequent heartburn? the choice is yours. chalky... not chalky. temporary... 24 hour. lots of tablets... one pill. you decide. prevent acid with prevacid 24hr. >>> welcome back. the dow jones industrials closing below 15,000 for the 8th time since june 20th. bertha coombs is rounding up the movers and shakers. >> the worst performing sector was the industrials. boeing the biggest decliner in the dow. on a percen

they are trying town seat president mohamed morsi. we'll take you live to egypt when we come back, take you live to cairo. the egypt situation sending crude oil above $100 a barrel, first time we've seen that since september. find out how long it will stay up there. a look at the oil market when we come back and who would have thunk, it germany may have the answer to job creation in the united states. wait until you hear steve liesman's eye-opening report. you're watching "closing bell" on cnbc, first in business worldwide. [ male announcer ] this is george. the day building a play set begins with a surprise twinge of back pain... and a choice. take up to 4 advil in a day or 2 aleve for all day relief. [ male announcer ] that's handy. ♪ folks have suffered from frequent heartburn. but getting heartburn and then treating day after day is a thing of the past. block the acid with prilosec otc, and don't get heartburn in the first place. [ male announcer ] one pill each morning. 24 hours. zero heartburn. otherworldly things. but there a

you also have supporters who say that president mohamed morsi was elected into power in a free and fair election. the army is still on the ground here, ross. they've taken up position. this morning when i was coming into our broadcast position, there was an army checkpoint with about four tanks and several soldiers. they were checking the cars, checking i.d.s. and it is the army that is the wild card here because if the violence escalates -- and don't be fooled by the tranquility in the background. that's typical for an egyptian protest. as the day goes on and people finish their work day, they'll hit the streets. if that violence escalates, that's when the army could step in and that's when the whole equation changes. >> what is it that the opposition want, yusef? there's no unifying figure here for them. they're just united on the basis that they're upset with the president. >> reporter: yes, ross. as i just mentioned, the opposition is polarized. and it's a good point to underscore. they are united for the moment. and that is some of the concern that once the situation is resolved, t

president mohammed morsi addressing his country on state tv. we have some of those headlines for you. just before midnight local time, morsi telling honest opposition that egypt belongs to all. he is not hungry for position, also saying that corruption, remnants of the old regime remain challenges for egypt. it takes time to address them. he said he's the first democratically elected leader of egypt. he also says he has no option but to carry out responsibilities given to him and he's urging egyptians not to attack the army, police or each other. you can see here clearly mohammed morsi seems to be digging his heels in this of course after we reported on a tweet. we had a translation of that. the president confirming before his speech his adherence to the constitution, refusing any attempt to step away from the legitimacy and calling on the armed forces to withdraw ultimatum and refuted forns interest appearance. his comments on tv backing up that position. >> thank you very much. i would imagine the scene in tahrir square similar to the tlongs

they are standing against the ouster of mohamed morsi deposed by the army on wednesday. there's been some violence today and a major march is on right now. cnbc's yousef gamal el din is live in cairo for us again. yousef, over to you. >> reporter: well, sue, tensions are very, very high. remember this morning we already had violence. at least three people have died in that violence in clashes between pro-morsi supporters and what we believe were military officers. now, if you can see here, this is the 6th of october bridge and a large contingent, more than 1,000, probably several thousand of pro-morsi supporters. you can hear them in the background chanting morsi, morsi, morsi, and they have become closer to tahrir square, and that is why there is a lot of concern here that this could flare up very, very quickly. now, we're talking about less than a mild between the two, and the military has been trying to cordon off and keep them apart throughout the day. military gunships, apaches hovering over the city, those have increased in the last half hour or so. they continue t

also, calling on president mohamed morsi to step down. they were celebrating the army statement that came out late afternoon local time. again, the 48-hour window for politicians to figure and sort things out. otherwise they would put forward a plan. at this point we're not sure and it is unclear what that plan would look like. the opposition has, of course, welcomed the latest development as a sign that their demands are legitimate some way or another and supporters, islamist parties of the president, have, of course, expressed concern that this may see a return of the army to governing the country. as we saw in the transition period after january of 2011. keep in mind that the reply from the presidency which came nine hours later at 2:00 a.m. caught people off guard but made it clear that the presidency was not consulted about the statement from the army and shows you the disparity between the two entities and the potential of an escalation, because everybody is basically digging their heels into the ground and we're not seeing the kind

a cautious reaction from around the globe to the overflow of egyptian mohamed morsi with president obama calling for a swift return to civilian democratic rule. >>> portugal's stock market rallies while a ten-year bond yield falls back toward 7% as the junior coalition party vows to hold talks to try to save the government with the prime minister also standing firm. >> i will not resign because i don't have any reason to resign. there is no big issue. >>> a positive start to trading in europe with markets awaiting mario draghi's press conferences for assurances over the future of the euro and guidance of a policy. >>> more wait and see expected from the boe but hopes are high that mark connie will rifle some furthers at his first meeting. >>> portugal's junior coalition party says it will work with the governing social democrats to try to save the government from collapse. the vice president of the popular party told reporters yesterday that a meeting would be called with prime minister pedro passos coelho as soon as possible to find a viable solution for the government of portugal. he a

mohammed morsi addressed the nation in which he sounded very defiant. in fact, he rejected the military's ultimatum issued to him yesterday. he will not, at this point, at least, addressing that ultimatum in the sense he'll not be stepping down from power and more importantly did not give his own vision as to how he plans on meeting the demands as stipulated by that ultimatum. for the time being right now, it seems president morsi is holding steadfast in remaining in office and pitting the two sides of this political showdown to really the final hours of this ultimatum. we're just a few hours away from that 48-hour deadline that the military gave the two sides to reach a political solution to this stalemate does not look like that is going to be happening any time soon. the president has not even met with the opposition as we understand it. so the divisions that are happening on the political level are also playing out on the street. the sides are encamped on two different parts of cairo and already has been some violence between supporters and opponent

it's the commercial side that you referenced and the fact that, you know, mohamed morsi came in suggesting that the islamic party would be able to jump start the economy and get people into jobs. and of course, that hasn't really happened. the other thing i think that's important is that as you look around the region, the royal families who are in charge of these companies have legitimacy going back -- some of them several hundred years -- that's somebody like mohamed morsi doesn't have. if you look across the arab spring, it's the dictators and the strong men, the mafia types, who have fallen, not the royal family members. and so it's that legitimacy that mohamed morsi thought the islamic party would give him that hasn't really happened. and so i think the protests are in response to that. >> what has business been like for the last 2 1/2 years? there's been so much unrest and turmoil in the region. have businesses kind of gone back and stabilized since the original arab spring, or has there ever been a point where things really kind of shook out? >> the fact is that, you know, a lot of t

they want the regime of mohamed morsi out. it's the same chant of the revolution 2 1/2 years ago, and a major component of these protests are these people from the revolution 2 1/2 years ago. there's also what i would call poes, p'd off egyptians who are outraged by the economic collapse of the last year, the decline in services, decline in institutions under morsi's government, and they're just there because they're very angry and frustrated with the situation. and there's a third component which are elements of mubarak's regime. they are very clearly in those protests and to some extent perhaps directing them, taking a sort of substantial role in organizing them. this is a very unwieldy alliance. if morsi goes, it's going to be tough to create any kind of consensus among this very unwieldy alliance. >> you say he has upped the stakes and clearly when he says he's prepared to give his life, we know what you're referring to. at this point do you believe that his departure is inevitable? >> anything in this part of the world, b

. >> overseas, 51 protesters, mostly supporters of mohamed morsi, were killed in fighting outside the republican guard headquarters. what can we expect this evening? cbs's yousef dpamal el din is live from cairo for us. we not this is a crucial our in cairo. what are you expecting this evening? >> a very bloody 24 hours. it's shocked the country and shocked the world. >> you wednesdayed the violence. 51 people kill. struggling to reconstruct exactly what happened. the pro-morsi demonstrators were there and then fired upon. they rebuffed a terrorist attack which killed one soldier. both sides had their press conference and outline what had they saw. their video and their evidence. the advance et calculating to completely new levels. the rhetoric sharpening. the muslim brotherhood insisting that ousted president mohamed morsi be reinstated and the supporters of the army say no, the legitimacy is over. we're going on from here. also in other developments there's no progress in forming a cabinet, held back by the withdrawal of annies mist party and that really is a shock to the transition

early elections, is president mohamed morsi going to stay on? what role will the army play in all of this after this moves out from the tran six period when former president hosni but barrack was asked questions at this point. we have 24 hours to go until the deadline. we have to see if all the politicians can sit at the same table. if anything, president mohamed morsi has made it clear he will continue with his policies and will finish out his term. of course, u.s. president barak barak is watching the situation very, very closely. yesterday, he actually called the egyptian president and said that democracy is more than just election and that he would like the president to be more responsive to the needs of egyptian protesters and again we haven't seen the egyptian government bunl, if anything, they are being pushed into a corner. we've had several resignations from ministers, including this morning, but an interesting thing to point out here, andrew, that the stockmarket is up almost 5% with about 40 minutes to go until it closes for the tradi

morsy to respond. meetings are going on as we speak. the situation is very, very fluid. but make no mistake, the tension, despite the celebrations behind me, are still very, very high, and there are concerns that there could be more violence in days to come. let's see where this goes. for now, back to you. >> all right, yousef, thank you very much. yousef live on the ground there, and we'll keep following the developments. thank you, yousef. >>> raising the stakes. billionaire investor carl icahn, meanwhile, lining up $5.25 billion in financing to thwart michael dell's plans leveraged buyout of the pc maker. icahn will be on the "closing bell" exclusively to talk about the heated takeover battle. coming up in a few minutes. >>> then, should you invest in stocks or gold? somebody here says equities have more upside potential, even as the dow pushes back from the recent decline. it's a stock versus gold debate coming your way. >>> also ahead, ceo pay outrage could be mounting a comeback. ceo pay for the

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chants, the army and the people are one, calling on president mohamed morsi to step down. they see this as the army finally making a move and making it clear that they are unwilling to accept the status quo as it is, the political polarization. remember that the army and egyptian people have very long relationship and a lot of egyptians will passionately tell you that, and can you hear them say to us, well, i'm proud, basically going all the way back in history and even in the ouster of former president hosni mubarak in january of 2011, the military was instrumental. don't be mistaken. this is a game-changer and could potentially break the political deadlock. we'll see what happens in those 48 hours, whether the political parties are able to sit down at the table, but there are, of course, several risk factors, those focused on what happens if those 48 hours pass, what kind of role the military will assume and whether it can really bring all political parties together in some form of reconciliation. just the last note on the suez canal, we understand that the military has

they are calling on president mohamed morsi to step down and to leave. this development potentially breaks the political deadlock. the political scene has 48 hours to figure it out and if they don't the military will put down a road map. of course, the military was instrumental, if you remember, in the ouster of former president hosni mubarak. they have a very special place in the hearts of the egyptians and that's what they are celebrating. we saw gunship helicopters hovering over tahrir square with egyptian flags, and it's difficult to describe the reaction and the atmosphere that we saw basically, buildings shaking and keep an eye on the space, and this is a very important development. we'll have to see whether the politicians get it to go. sue? >> indeed, we will. yousef, thank you very much. stay safe out there. >>> a tragic story out west. 19 fire fighters have been killed, battling a raging fast moving wildfire in arizona. they are also battling triple-digit temperatures as is everyone else out west, and it is so bad that flights have been cancell

right now as they have been every night the supporters of ousted president mohamed morsi have been engaged in a sit-in protest but as they have over the past several days they take the marches to various government locations and other parts of the city and that's where the clashes intend to happen, supporters of the military or the milt themselves. people are brace is themselves like another one could occur when the marches get under way in the next few hours though. catherine ashton, the eu foreign policy advisers is here. they will try to prevent what many people here believe will be a bloody crackdown. the police and military have suggested they will break it up at some point, and many people here are holding their breaths, hoping that situation does not lead to more death on the streets of egypt. sue? >> thank you so much. we appreciate it, and we hope that it's peaceful as well. all right. let's send it over to josh lipton for a quick market flash. >> have a look at tesla hitting a new all-time high today. this as bmw introduced its own all electric car. you heard our own phil lebeau

all of this coming after the military removed prime minister mohamed morsi from power two days ago. yousef joins us now live in kay row with the very latest. there are helicopters behind you last time we spoke. what's happening now? >> reporter: that remains the case. thousands of pro-morsi demonstrators gathering close to where it is believed the former president mohamed morsi is calling he be freed and returned to his post. they have vowed to fight and clamor to what they call his legitimacy obtained in a free and fair objection. the army remains on high alert. richard engel was on site and witnessed the clashes that happened. at least three people have been killed. nothing official yet as such, but we're keeping a close eye on the violence as competing rallies take place. now, it is unclear as well how much further the violence could escalate, especially given the strong army presence and as you mentioned the helicopters that are, of course, roving around this area and elsewhere across egypt. >> thank you for that. we'll keep a close eye on cairo as we get sunset there and we'll

supporters which behind me now those that opposed president mohamed morsi are celebrating the announcement from the military. this is an endorsement that the demands are legitimate and also shows the military is running out of patience. that was one factor we were watching very, very closely. so finally intervened and we are not sure yet what exactly what form or shape that will take but we keep a close eye on it and so far the clash cost the lives of 16 people and injured more than 700. from tahir square for now, back to you. >> thank you very much for that again. reuters transmitting bart of the egyptian army statement where they say it will be incumbent upon the armed forces to announce a road map for the future if the demands of the people are not realized. we'll watch on you this plays out. >>> ceo pay, the new numbers you will have to hear to believe. we'll tell you who made what next. rick santelli, you're talking yield, correct? >> yes. yes. we're talking a bit of yield curves. you know, if you look at tens and twos and subtract, it is about 213 basis points. last week 220 on a clo

deaths over the weekend in clashes between the army and supporters of mohamed morsi. [ . time to have new experiences with a familiar keyboard. to update our status without opening an app. to have all our messages in one place. to browse... and share... faster than ever. ♪ it's time to do everything better than before. the new blackberry q10. s time. >>> you're watching "worldwide exchange." i'm ross westgate. european stocks buck the fwloebal trend. portugal leading the rally one hour into trade or two hours into trade as the troika agrees to give greece the next tranche of aid. conditions apply. >>> new details shift the focus from mechanical to pilot error in the crash of a south korean jetliner in san francisco. shares of asiana airlines down nearly 6% in seoul. >>> 42 people are killed in an attack on the republican guard headquarters in egypt. according to the ministry of health it's a struggle between the muslim brotherhood and the army intensities. >>> all right. if you've just joined us welcome to the global trading day. futures are pointing higher. right now t

to try to convince the army to bring back their president mohamed morsi after he was ousted a few days ago. they say he is the legitimate leader of the country. they called for an uprising and they have made it clear that they will use the army as necessary, some of their followers of the muslim brotherhood to headache thbrot r brotherhood to make that happen. questions about the progress, the transitional government is making under interim president mansour. he has not announced a cabinet yet. there are several delays that occurred. and a lot of that has to do with the fact that the islamist party has pulled out. that's taken legitimacy out of the transitional government. some names floating around for prime minister, mohamed al elbaradei. it is a very fluid situation on the ground. the united states is watching very closely. white house spokesperson did make it clear, however, that they are going to review the situation carefully. and then make their decision. the exchange trading to the upside and reaction to the decree announced earlier today which did provide some detail about the

egyptians express anger at the toppling of mohamed morsi, expressing a day of rejection. >>> fourth of july also marked by a few tried, trusted and true traditions. fireworks, family picnics and seeing just how much food you can stuff down your face in a fairly short amount of time. this is the annual nathan's famous hot dog eating contest, held at coney island. for the seventh year in a row, this man, joey chestnut took home the crown, downing a world record 69 hot dogs, buns and he did it all in ten minutes. what an athlete. open the other side, tonya thomas who has the nickname the black widow, i'm not sure what that alludes to, won for the third straight time with 336 3/4 hot dogs. i'm not taking her out for a date. couldn't afford it. what food do you think you could overeat? tony e-mails, he would gorge on beer. keep your responses coming. get in touch with us, e-mail, worldwide@cnbc.com, tweet @cnbcwex or direct to me, @rosswestgate. >>> a short break. something for you to chew over in this break, this is the welcome sight on the july fourth holiday. the statue of liberty reopen

the country's military waged a coo against an elected president mohamed morsi. on the other hand, the u.s. government also doesn't want to be seen as going against the will of the egyptian people. what we saw over the course of the last week or two in europe was tens of millions of people going out into the streets against mohamed morsi. that's going to be very difficult for -- it's been very difficult for the u.s. government to reconcile these two objects of standing for rule of law and standing for democratic principles but at the same time not going against the will of the egyptian people. >> what ultimately is the answer? is there a carrot or stick involved in terms of how to work with either the military or whatever you think is supposed to be the next election process and how that goes? >> i do think if you saw the statement from president obama, they did again articulate this commitment to rule of law and principles and that's the route which they're going to continue to talk about and i think they will want the transition, the process towards another pre

this all comes as clashes broke out in front of the army barracks where ousted president mohamed morsi is believed to be held. morsi supporters were killed when army troops opened fire on a large crowd demanding his reinstate. right now thousands of them are heading for a showdown with military forces near cairo etahrir square. we'll be watching that situation for you very carefully. >> watching oil as well. >> yeah. >> and there's concerns that helped fuel a 6% jump in crude oil over the past two weeks. let's bring in halima croft from barclays capital. >> thanks for having me. >> can you give us a reality check of how vulnerable the suez is, and you state of emergency. >> don't think it's very vulnerable. the egyptian military said it's not under a state of emergency. what they are is on high alert. want to close the suez canal. you require the military to close it. the egyptian military is not going to close the suez canal and deprive the world of so much much needed currency. >> where is oil the way it is? >> there is a fear factor. the libyan weapons are floating around all over t

they are clamoring to the legitimacy of ousted president mohamed morsi. they want to see him back in power, and they have vowed to fight what they call a military coup. opened, you have, of course, the supporters who are watching this very, very carefully, and we'll just have to see how this plays out. on the markets though, they gained ground, some 3.5% in today's trade that shows you investors are confident and are encouraged by what's happening on the political scene, but don't be mistaken. the political impasse is still very real, and the islamists for the most part or the islamist parties feel sidelined and are basically not part of the political process. it's not going to work, experts tell me, until the political parties, the islamic political parties take part, are encouraged and play a role. sue? >> yousef, thank you very much. thank you, yousef. noted economic and frequent "power lunch" guest niall ferguson quickly predicted the renewed outbreak of protests in egypt and did it here on our "power lunch" show a couple weeks ago and rejoins us now

morsi has become a flash point for the violence there. >> meanwhile, reports of armed confrontations in the streets of cairo have resulted in at least 65 injuries, according to the health ministry, and that number could be rising by the hour as we approach 11:00 p.m. in cairo and the violence is not quieted. we're joined by yousef in cairo. over to you. >> reporter: well, those are the tensions that boiled over, and the ones we warned about and talked about for quite a bit. again, pro-morsi demonstrations happening all day, after prayer, the gatherings happened. we had violence in the newer part of cairo. three people were killed there. and then, violence right behind me here on this bridge. incredible scenes with gunfire going on and molotov cocktails and stones being thrown, as the two were fighting with each other. there were fatalities. we understand the death toll from today rose to 17. that's, again, according to government sources. then, ultimately, the military move then attacks below my vantage point here, counted at least seven of them, and the anti-morsi demonstrators, the

the clashes between those supporting and those opposing the presidency of president mohamed morsi, now former president, it continues at this point. we're told the death toll has now risen to ten. and these are some of the most dramatic pictures we've seen out of that area today. this is the bridge, those of you just joining us, that crosses the nile river. it's been the flash point of the conflict today so far. >> and with the number of protesters just swelling throughout the week, the number of injuries rising, as well, to 210 at this point, this is on top of injuries and some fatalities from earlier in the week. so as you can see from those pictures that we're showing you right now, the violence there is certainly escalating at this hour. >>> meanwhile, we are watching what this is all doing to the commodities complex. oil specifically. it is a tale of two commodity plays today. gold is getting hammered, while oil spikes, very much higher. jackie deangelis has all of the details. >> good afternoon, kayla. we're watching gold prices, of course, closing not long ago. it was a rough da

we're going to have an update on the violence in egypt following the ouster of president mohamed morsi. "squawk box" is coming right back. . . >> more violence in egypt. we are joined from cairo by yousef. a good day? ro nochlt, no, it's been a violent night. to two people have been killed in clashes. we understand most of the fatalities took place in an area close to the republican guard headquarters. the clashes broke out between the army and pro morsi demonstrators. the muslim brotherhood said their people were wrapping up pre-dawn prayers and were fired on unprovoked. the army said in a statement that they endured an attack. it was a terrorist attack is a way to describe it. one soldier died in the firefight. this, joe, a whole new level of violence. we just saw a press conference by some representatives of the muslim brotherhood. some of the people were in the pro morsi rally. they showed some bloody pictures of some of the victims, some of the ammunition used in the gunfight and the army for its part with the minister of defense is expected to hold a press conference to tell its

confrontations between supporters of ousted president mohamed morsi and as we understand it security force plain clothes civilians. the brotherhood is not backing down and they're saying that mohamed morsi should be reinstated as president and they're calling for demonstrations and planning to march with coffins in various parts of the city and tomorrow in million man march whether they will be successful we'll have to see. also on the other side the military and the government are clearly losing their patience. the minister of interior making it clear they would not tolerate the sit-ins for much longer and it raises the scope for further violence and the political divide, karl, up as to be widening more and more and as you can see the death toll is increasing as well. perhaps because the stakes are so high, the foreign policy chief in egypt today to talk with the various political parties. she made it clear that the muslim brotherhood has to be part of a future political road map and also pause for a minute and take a look at the eegyptian stock exchange. it is interesting despite t

but the pressure, kelly, it is piling on president mohamed morsi, and the cabinet falling apart. we understand that several ministers have tender ed the resignation which is pushing him into a corner. yesterday at 2:00 a.m., the presidency releases a statement saying that we will continue the way we have, and we don't think it is advisable for the army to put a statement like this, and the kick here is that they did not consult the presidency before they put out this statement. just a quick look at the markets if you want to gauge, the market is up 5% after the close of trade, so quite an interesting development, and we will deep you posted. carl. >> yousef, thank you. yousef gamal el-din in cairo. most investors are not phased because the market is up more than 4%. now why should merging market investigators be worried? we are joined by ed waward frome grimaldi firm. is this vis-a-vis reflect iing e market? >> well, it is dominated by a few large company, and it is not a proxy that i would use, and turkey is a better proxy. emerging markets are skaucaught the political vice, lur

we had a speech late last night by the incumbent president mohamed morsi and it was a defiant speech, effectively rejecting calls by the army and from his point of view and from his view basically asking the army to withdraw that statement. that, of course, raises the stakes because when you reject the invitation by the army that puts you on collision course that is the key source of anxiety. the military remains on high alert and tensions have been high. clashes have killed at least 20 people in the vicinity of cairo and across egypt. that shows you there is a lot at stake here. if this doesn't work out and the deadline does expire, a power map will be implemented. we don't really know what that road map will look like. the details are still vague. possibly suspending the constitution, dissolution of parliament, all of that is on the table, early elections. at this point, no clarity. what we do have is a response from some investors, local stock exchange opening just slightly to the downside. investors taking this largely in stride, but that doesn't necessarily serve as the best indi

supporters of former president mohamed morsi are holding a sit-in a day after deadly clashes with security forces this weekend. we'll have the latest when "squawk box" comes right back. >>> welcome back. u.s. equity futures indicated down about 32 points. a lot going on this week. we'll see. a little soft last week in terms of the averages. although we were at some highs earlier in the week. >>> making headlines, amazon unveiling a new hiring spree saying it's looking to fill more than 5,000 full-time jobs at 17 of its fulfillment centers across the country. president obama is going to visit an amazon distribution warehouse later this week. >>> and hedge fund billionaire steven cohen threw a party this weekend at his hamptons home despite criminal charges against his capital firm. one source said the lavish affair included delivery of $2,000 worth of tuna from a local fish store. the party was planned before the party. a few dozen attended. that's a lot of tuna per capita. the party was said to show support for ovarian cancer research. though it was not a fund-raiser. >>> barnes & noble sa

they're defiant, saying they would like to see mohamed morsi be reinstated as president. you have the interesting development of $8 billion from the gulf. $5 billion from saudi arabia, which includes $2 billion in fuel. and $3 billion from the united arab emirates, one of the largest exporters in the region. $1 billion is an up-front grant. i have spoken to several economies and we have seen this before, aid pledges shortly after the fall of hosni mubarak. and a lot of it did not come through. so we have to wait and see what this has to do with the frosty relationship that morsi and his government had with countries like saudi arabia and the united arab emirates and whether they will use that money to actually change certain things in this economy. there is some structural challenges including the subsidy bills, the wages that are unsustainable. the budget deficit has mushroomed, doubled in fact over the last year, the foreign reserves have constituentle co dwindled. the reaction on the stock market is positive for the most part. continuing the upward trend that we saw ye

. >>> i've had reaction -- the state prosecutor ordered that president mohamed morsi be detained question for questioning over suspected collaboration with the palestinian militant group hamas. keep our eyes on that. >>> back to corporate news, renault shares getting a boost after the french automaker increased profits at its core manufacturing division for first half. the company's ceo said operating margins for the auto division rose to 2.9% from 2.5% previously. fmh is kconfident it can gain market share. the luxury goods maker is battling a slowdown in markets including china. sales rose 8% on strong demand for fashion goods in growth at its duty free ships. stock up nearly 5% in paris. in the u.s., amazon reported a surprise second quarter loss. the second in less than a year. this is higher costs overshadowed revenue growth. they continue to spend on new technology, distribution centers and content for the kindle. amazon is also grappling with weaker international business. north american sales are up 30%, but international didn't report a profit. sales just up 13%. amazon is also p

. >>> to the middle east this morning, supporters of deposed egyptian president mohamed morsi calling for a million person march today to protest against military rule. it's coming after dozens were killed in clash was the military over the weekend. i want to bring in yusef yousef who is in egypt with us. >> it's been another violent 24 hours. the extent of the 24 hours is much less than the carnage that happened over the weekend. some of that violence happened on the sinai peninsula. no reports of any shipping activity being impacted so far. key event of the day, the visit of foreign policy adviser from the se connectic-- eu katherine. she saw morsi yesterday. the former president has been held incommunicado since july 3rd. the egyptian presidency made it clear late yesterday that he was not a political prisoner and he would be tried in a regular court of law. you mentioned the marches planned for today. the supporters of the ousted press are calling for his reinstatement and as well there have been warnings now from the u.s. embassy in anticipation of possible escalation and violenc

remember, it was seen as imminent that mohammed el bare r elbaradei announced as prime minister. the only islamist representation in the anti-morsi competition withdrawn saying it can't sit and watch what they call a republican guard massacre. no announcement about the cabinet. no details on the minister of finance. a lot of uncertainty driving this country as we head into the next few hours. >> thank you. watching the political process and the specter of violence over the coming days. >>> a billion dollar battle twe between hedge funds and the government and taxpayers caught in the middle. attorney suing the treasury in a cnbc ex-clusish next. guarante one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. [ male announcer ] you wai

official to visit cairo since the military ouster of president mohamed morsi. nick patton walsh joins us live from cairo. we say hi to you. tell us what is the scene in the streets there today in cairo? >> reporter: well, behind me the anti-morsi protests for so many days fill tahrir square. they're really ebbing at this point. their supporters say pretty much they've won, they're able to go home. but across town what's key is the pro-morsi crowds seem to be digging in in their thousands, even in the basking heat of the ramadan religious fast here. we were there a few days ago. there were even key leaders within that crowd who were sought by prosecutors. but they seem to be saying they'll stay until the end and they see no real sign of reconciliation between the interim government and the former government, led by many muslim brotherhood key figures. many cabinet appointments over the weekend to try and push through this interim government road map toward new presidential elections. but the outstanding question really, michaela, is how do they get the political

morsi. and the issue really, of course is that the most strident comments we've heard about the events in egypt is a demand for the release of former president mohamed morsi. we heard last week from the state department but only today he hear prosecutors repeating, it seems, orders for the arrest of key muslim brotherhood officials because of alleged involvement in violence that led to these protests around me. so real concerns, i think, that washington is, of course, trying to reassure a key ally in the region here of their relationship by coming to visit so early, but the real issue is how will this spawn the issue of the release of former president mohamed morsi be dealt with? is william burns, an arabic speaker going to be pushing reconciliation. still on the streets digging in an interim government which is pushing ahead with announcing its cabinet to get that road map going. its promising supporters to get the country back on its feet. >> we know there had been arrest warrants issued f

in violent clashes between security forces and ousted members the supporters of mohamed morsi. the clash took place outside the headquarters of the republican guard. the military building in cairo in which morsi was believed to be held after his arrest last wednesday and may still be held. both sides are blaming the other for the deadly violence. morsi supporters claimed supporters fired on then. hundreds of people were injured, tension has been building since morsi's ouster last week, his supporter's say he's egypt's demand he be reinstated. the obama administration has called on egypt's military to use restraint. it hasn't determined if morsi's ouster will be labelled a cue. -- coup. that means u.s. aid continues. ben wedeman is in cairo tonight. >> at this point there are obviously very different narratives coming from each side involved in this -- in the killings, what -- is it clear at this point what happened, exactly? >> no, it's not at all, anderson. according to the army police narrative, it was a group of terrorists that tried to launch an attack with molotov cocktail

but where is egypt's now-old leader mohamed morsi. there he is. we're going live to cairo. you really couldn't have come at a better time. these chevys are moving fast. i'll take that malibu. yeah excuse me, the equinox in atlantis blue is mine! i was here first, it's mine. i called about that one, it's mine. mine! mine. it's mine. it's mine. mine. mine. mine. mine. it's mine! no it's not, it's mine! better get going, it's chevy model year-end event. [ male announcer ] the chevy model year-end event. the 13s are going fast, time to get yours. current chevy truck owners can trade up to this chevy silverado all-star edition with a total value of $9,000. >>> the obama administration says it's cautiously encouraged -- direct quote. cautiously encouraged after egypt's interim president today outlined a timetable for new elections. telling our chief international correspondent christiane amanpour there will be elections within seven months. but as the muslim brotherhood buries the dead from this week, the military is issuing tough warnings. let's go to ben wedeman. he's in cairo

. >>> there are fears of renewed violence in egypt today with funerals set for some of the mohamed morsi supporters who were killed in monday clashes with security forces. at the same time, egypt's interim leader is moving forward with election plans, angering backers of the deposed president morsi. following all this from cairo, another potentially violent day out there in cairo. right now, these funerals taking place. first of all, reza, what is happening right now? >> reporter: well, egypt is bracing itself for another day of potential violence, and every day in this country seems like another intense round of fighting. in this conflict, on one side you have the liberals, the moderates, secularists, supporters of the military, they seem to be winning. momentum seems to be on their side. they seem to be on their way to establishing a new transitional government. and on the other side, you have supporters of the ousted president mohamed morsi, the muslim brotherhood. they are angry and crying out for this process to stop and they are crying out for security forces to be held responsible

the clash between egypt's military and supporters of ousted president mohamed morsi was the deadliest day in cairo in nearly two years. >>> a texas senate committee set to vote on tough abortion restrictions including banning abortions after 20 weeks of pregnancy. thousands on both sides of the abortion debate weighed in during public testimony yesterday, some people arguing fetal pain begins at 20 weeks. >>> in wisconsin a federal judge issued a temporary restraining order blocking enforcement of new abortion laws requiring doctors have hospital admitting privileges if they perform abortions. >>> another setback for young sarah murnaghan. less than a month after receiving a second replacement lungs the 10-year-old girl developed pneumonia. her mother says after a very rough day her daughter is now more stable. last month a judge issued an order allowing sarah to be placed on the adult donor list. >>> finally, here we go, this say man's man, a fish tale, talk about the one who didn't get away. this guy's wife wanted fish for dinner so he jumped in the lake and catches a rainbow trout.

. >>> the party behind ousted president mohamed morsi and the liberal opposition rejecting adly's plan. this inconsists it can handle security. days after 15 people were killed, hundreds more injured outside of republican guard headquarters. an investigation is under way. >>> the future of nsa leaker edward snowden very unclear again this morning. there were reports tuesday that he had accepted an asylum offer from venezuela, but that led to a day of backtracking. snowden is still believed to be stuck at the airport. phil beck live for us in the capital with the latest on this every-twisting and turning story. good morning, phil. >> reporter: good morning, john. yes, it was a senior member of parliament who announced that snowden accepted an offer from venezuela. that tweet was quickly deleted. and then followed up with, it is simply not true. he has not formally accepted that offer. so a lot of confusion there. we know he's been offered protection by three countries. so far has not accepted any of them. for the moment, chooses to remain at the moscow airport somewhere in transit where

hundreds of people were wounded in clashes between egyptian security forces and backers of mohamed morsi. here in washington, the white house seemed to reject cutting off military aid to egypt over what it's still refusing to call a military coup. here is the white house press secretary jay carney. >> our decisions with regards to the events that happened recently in egypt will be -- and how we label them and analyze them, will be made with our policy objectives in mind, in accordance with the law and in accordance with any consultations with congress. >> no immediate cutoff. >> we think that not be in our best interest. >> let's bring in ben wiedeman. he's in cairo. tell our viewers what the latest is. is it still very, very tense there, a lot of violence, or is it easing somewhat? >> reporter: it's very tense, there's no question about that, wolf. there hasn't been much -- any violence that we know of this afternoon. really all that violence took place outside the headquarters of the republican guard, where, as you said, the supporters of mohamed morsi clashed with police and the army.

the supporters of the deposed president, mohammed morsi insists that they did not try to attack the headquarters of the republican guard. that they were fired upon randomly during early morning prayers. they're calling it a massacre, and calling for massive demonstrations to protest what they call a massacre tomorrow. erin? >> thanks to ben. i want to go to canada, where 13 people have been confirmed dead and an estimated seven are missing after a 73 car train derailed and exploded. anna, i know officials held a press briefing late today. did they say anything about what could have caused this unbelievably horrible accidents? >> unfortunately, no, we don't know what caused this hideous accident as we say. we do know, however, that 13 people are dead. 37 are still missing. there is a wide scale investigation underway. was it operator error? the engineer of this train had left it unmanned and checked into a hotel. was it faulty old commitment or was it foul play? police have not ruled out a criminal act. what we do know is that on saturday night at 1:00 a.m., this train somehow became disengaged f